Find the periodic payment R required to amortize a loan of P dollars over t yr with interest charged at the rate of r%/year compounded m times a year.

Question

P = 16,000, r = 8, t = 6, m = 6

Answer 1

Here is the formula
A = P * (r(1+r)^n)/((1+r)^n - 1)

Just plug in your numbers

A = Payment/period
P = Principal
r = Rate/period
n = Total of payments or periods

If you post your answer I can check it for you.

Answer 2

i can't figure out what n will be.

Answer 3

im guessing we have the same problem.

Answer 4

n = total payments or periods

Since it is compounded 6 times a year (unusual) n would be,
6 yrs * 6 times a yr = 36

Rate per period, r would be
0.08/6 = 0.0133